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Meta Tags have been around for more than a decade and still today many people don't know enough about them. The biggest problem is the noice that the industry generates about what works and what doesn't. Most "SEO Experts" out there will tell you that Meta-tags are dead. Either they are saying this to discourage competition or they are just simply wrong.
Title tags, for example, are one of the most important components of search engine visibility today. When users find results in the SERPS, they will make a rapid decision about the result they will click. This decision is not based on luck. In fact, that decision can be made for them. You may say well, but that might improve my visitors in only 2-3 visitors per day per page depending on the search query, right? Well, yes, but if you have a 100 page site, and you increase your visitors by 2 a day per page that is 200 visitors more per day or 6000 visitors per month. For most small businesses out there, half of the 6000 visitors is enough to fund effective seo, pay per click or even off-line strategies.
Alex Centeno exposes the "infamous" meta tags and their basic characteristics as part of his series SEO Basics about Fundamental Search Engine Optimization.